Sweden's IKEA Group signed an investment deal on Thursday to open a new store in Changsha, capital of central China's Hunan Province. With a total investment of 4 billion yuan (626 mln U.S. dollars), the 300,000-square-meter store is due to open in May 2018, in the city's Yanghu Economic Zone.
An IKEA megamall will also open alongside the home furnishing store in 2019. It is expected to attract more than 20 million customers per year and create 5,000 jobs. IKEA entered China in 2009. It now has 18 stores in 15 Chinese cities.
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